AbstractStandard & Poor's Ratings Services assigned its 'AAA/A-1' and 'AAA' ratings to Deutsche Bank Securities Inc. Receipts' short puttable exempt adjustable receipts (SPEARs) and long inverse floating exempt receipts (LIFERs) series DBE-458, respectively, relating to Palomar Pomerado Health District's general obligation bonds, Election of 2004, series 2007A (5.00% Term Bonds due Aug. 1, 2032). The long-term component of the rating on the SPEARs and LIFERs are based on the rating on the custodial receipt series DBE-645. The rating on the custodial receipt is based jointly (assuming low correlation) on a swap agreement provided by Deutsche Bank AG and the rating on the underlying bonds. The short-term component of the rating on the SPEAERs is based on a liquidity facility provided...

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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